Regardless of what gave the impression to be a promoting climax over the past week of September and a subsequent rally and pullback in worth that managed to carry assist on the Decrease Warning Line of the Schiff Modified Pitchfork (gold LW1), I stay nonetheless unconvinced that the longer-term downtrend has run its course. Shorter time period I’m watching the Sliding Parallel (gold SP) and the Median Line above that that marks brief time period resistance. The downtrend, i.e. the vector of the selloff from the 2021 highs stays intact. Provided that Cable is ready to rally above and overtake the cluster of a number of resistance at, however not restricted to the Sliding Parallel (gold SP), the Median Line of the Schiff Modified Parallel (gold dotted line), TDST Resistance at 1.175 (pink horizontal line) and the highest of the Cloud would we think about that the GBP is probably out of the woods! These hurdles will probably be a troublesome street to hoe and solely time will heal the injuries of the extended selloff that has been in place because the summer season of 2021.
